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Chinese Super League stock prices and team performance

Eric Mao (College of Hospitality Retail and Sports Management, University of South Carolina, Columbia, South Carolina, USA)
Brian P. Soebbing (Kinesiology, Sport, and Recreation, University of Alberta, Edmonton, Canada)
Nicholas M. Watanabe (College of Hospitality Retail and Sports Management, University of South Carolina, Columbia, South Carolina, USA)

Sport, Business and Management

ISSN: 2042-678X

Article publication date: 5 November 2020

Issue publication date: 30 April 2021




Utilizing the capital asset pricing model (CAPM), the purpose is to analyze whether the stock prices of the corporation that owns sport teams fluctuate based on team performance in the Chinese Super League (CSL).


Several CSL teams are publicly owned corporations. As such, the authors look to see if on-field performance impacts the stock price of the firms. Using the news model from previous research, seemingly unrelated regressions are estimated on CSL games from 2014 through 2017.


The results from the main models indicate some evidence of a statistical relationship between on-field team performance and stock price. Furthermore, the findings for individual teams across markets did not hold consistent across different markets. More specifically, the authors found some instances where successful on-field performance led to a decline in stock prices.


The present study further contributes to the growing literature related to on-field performance and stock prices. Unlike previous research, the use of the CSL as the empirical setting provides the opportunity to use multiple stock markets which provides an opportunity to further examine this relationship. Finally, the study contributes broadly to the literature on professional sports ownership structures around the world.



Mao, E., Soebbing, B.P. and Watanabe, N.M. (2021), "Chinese Super League stock prices and team performance", Sport, Business and Management, Vol. 11 No. 2, pp. 222-241.



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